check my work to see if I did this correctly. I created a Gross Margin statement - Attached. Below is the info.

The Jarvis Company Manufactures and markets a single product. The following data are available:

In 20_5, variable manufacturing costs were $3 per unit.

The standard production rate is 10 units per machine hour; that is, each unit takes 0.1 hours. The company produced 550,000 units during the year.

Total fixed manufacturing costs were $440,000. Fixed manufacturing overhead was allocated using 55,000 machine hours as the basis.

The selling price is $5 per unit.

Variable marketing and administrative costs, which are driven by units sold, were $1 per unit. Fixed marketing and administrative costs were $120,000.

Sales in 20_5 were 540,000 units.

Attached is a gross-margin based income statement (income statement as would be prepared under GAAP) to compute the income before taxes for 20_5. What is the value of the inventory of finished goods under this approach?

Value of inventory of finished goods - $50,000

Gross Margin Statement Revenues $2,700,000 Costs $2,090,000 Gross Margin $610,000 Mgmt, Marketing $660,000 Profit Before Taxes ($50,000)